Taubman Cites Lack of Shares Sold
BLOOMFIELD HILLS, Mich. (AP) _ Taubman Centers Inc. Monday said the number of shares holders have offered to sell to Simon Property Group Inc. is well short of the amount needed to acquire Taubman.
Through Friday, when the offer was set to close, Taubman shareholders had tendered about 30.16 million shares, or about 37 percent of the shopping-mall developer’s 81 million voting shares.
Taubman said about 54 million shares, or two-thirds of its voting shares, must be tendered to Simon, a larger owner of shopping malls, for the $1.68 billion hostile takeover attempt to be successful.
However, Simon and Westfield America Trust’s Westfield America Inc. unit have again extended their $20-a-share offer for Taubman until Aug. 29.
The offer was initially scheduled to close on Feb. 14 but has been extended several times.
Taubman repeated Monday that its board did not recommend selling the company at an ``inadequate price.″
In midday trading, shares of Taubman were unchanged at $19.57 on the New York Stock Exchange.
Shares of Indianapolis-based Simon fell 12 cents to $42.25, also on the Big Board.